September 10, 2021 – Norfolk County has maintained its high AA-Stable Outlook credit rating with S&P Global Ratings thanks to the bold actions taken by Council to address the County’s poor financial situation and the quick reaction to COVID-19.
The main purpose of a credit rating is to provide financial information to potential investors in the debt issued by Norfolk County. A high credit rating means fewer taxpayer dollars are needed to service this debt.
The maintenance of the AA- rating is largely due to the multi-year plan to fix the County’s extensive financial issues and Norfolk County’s reaction to COVID-19 including developing a good operating strategy, aggressive cost restraints and the increased support from Federal and Provincial Governments.
Though Norfolk County is executing a strong financial plan as evidenced by this credit rating, there are significant risks. The County understands that the ongoing impacts of COVID-19, as well as the size of the infrastructure gap that needs to be addressed, may result in a future downgrade as debt levels may need to increase to address these issues.
Council and Norfolk County staff will continue to focus on maintaining strong financial discipline in the future while addressing critical needs in the community.